(1) A generic sexual bodypart.
(2) A generic carpart.
(3) A term used to trick people that don't know much about sex or cars.

(1) Dude, I think I sprained my kanuter valve when I lost it on the handrail.
(2) Sorry ma'am, we're gonna have to replace the whole kanuter valve, and the one that fits your car is mighty expensive.
(3) Hey Chris, know what a kanuter valve is?